# ASCENDANT FINANCIAL PARTNERS, LLC X-17A-5 (2023-02-28) — Broker-dealer annual report - Company: ASCENDANT FINANCIAL PARTNERS, LLC - Form: X-17A-5 - Filed: 2023-02-28 - Period: 2022-12-31 - Accession: 0001389929-23-000002 - CIK: 1389929 - File #: 8-67551 - Type: Broker-dealer - Material weakness: No - Auditor: Ohab and Company - Auditor location: Maitland, FL - Contact: Ms. Susan L. Wyka - Phone: 3038827311 - Email: swyka@ascendantfp.com - Website: ascendantfp.com - Signed by: Susan Wyka (Supervisory Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1389929/000138992923000002/public-1.pdf --- {0}------------------------------------------------ PUBLIC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17A-5 PARTIII **FACING PAGE** 0MB APPROVAL 0MB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-67551 Information Required Pursuant to Rules 17a-5, 17a-12, and 18a•7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING **O 1/01/2022** MM/0D/YY AND ENDING **12/31/2022** MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: Ascendant Financial Partners, LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer □ Security-based swap dealer D Check here if respondent is also an OTC derivatives dealer □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 9137 E. Mineral Circle (No. and Street) Centennial co 80112 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Susan Wyka 303-221-4 700 swyka@ascendantfp.com (Name) (Area Code -Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* OHAB AND COMPANY, PA (Name - if individual, state last, first, and middle name) 100 E SYBELIAAVE, SUITE 130 MAITLAND FL 32751 (Address) (City) (State) (Zip Code) JULY 28, 2004 1839 (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) **FOR OFFICIAL USE ONLY** \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-S(e)(l)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number. {1}------------------------------------------------ #### **OATH OR AFFIRMATION** | I, Susan Wyka | swear (or affirm) that, to the best of my knowledge and belief, the | | | |-------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|--|--| | financial report pertaining to the firm of Ascendant Financial Partners, LLC
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fJ? | is true and correct. I further swear (or affirm} that neither the company nor any | | | | partner,officr, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | | | | as that of a customer. | E
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(a) Statement offinancial condition. | | | | | (b) Notes to consolidated statement of financial condition. | | | | | li!!!I
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(c) Statement of income (loss} or, if there is other comprehensive income in the period(s) presented, a statement of | | | | | comprehensive income (as defined in § 210.1-02 of Regulation S-X). | | | | | D
(d) Statement of cash flows. | | | | | D
(e) Statement of changes in stockholders' or partners' or sole proprietor's equity. | | | | | D
(f) Statement of changes in liabilities subordinated to claims of creditors. | | | | | □ (g) Notes to consolidated financial statements. | | | | | 0
(h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. | | | | | D
(i) Computation of tangible net worth under 17 CFR 240.18a-2. | | | | | D | U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. | | | | (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or
D | | | | | Exhibit A to 17 CFR 240.18a-4, as applicable. | | | | | (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.
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(m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. | | | | | □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR | | | | | 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. | | | | | D | (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net | | | | worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 | | | | | | CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences | | | | exist. | | | | | D | (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. | | | - iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ~ (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7. or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-S or 17 CFR 240.18a-7. as applicable. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 0 (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - 0 (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). D(z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5{e)(3)* or *17 CFR 240.18a-7(d)(2), as applicable.* {2}------------------------------------------------ #### STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### ASSETS | Cash and cash equivalents | \$
8,032 | |-----------------------------------------------|--------------| | Accounts Receivable | 12,500 | | Total assets | 20,532 | | LIABILITIES | | | Accounts Payable | 158 | | Accrued Expense | | | Total Liabilities | 158 | | MEMBER'S EQUITY | | | COMMITMENTS AND CONTINGENCIES (Notes 3 and 4) | | | MEMBER'S EQUITY (Note 2) | 2.031.4 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$
20!532 | {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) 100 E. Sybt!lia Ave. Suite 130 Maitland. FL 32751 *Certified Public* Acco1111ta111s 1-:111 ai l • pam *a* olrnbco.com Telephone 407-740-7311 Fa\. 407-740-6441 #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Member's of Ascendant Financial Partners, LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Ascendant Financial Partners, LLC as of December 31, 2022, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of Ascendant Financial Partners, LLC as of December 31, 2022 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of Ascendant Financial Partners, LLC's management. Our responsibility is to express an opinion on Ascendant Financial Partners, LLC's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Ascendant Financial Partners, LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the **PCAOB.** We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. We have served as Ascendant Financial Partners, LLC's auditor since 2015. Maitland, Florida February 23, 2023 {4}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022** #### *NOTEI-ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES* #### *O1·ga11izatio11 and business* Ascendant Financial Partners, LLC (the "Company"), a Colorado limited liability company, was formed in August 2006 and began operating as a licensed broker-dealer in May 2007. The Company is wholly owned by Ascendant Partners, Inc. (the "Parent"). Ascendant Consulting Partners, LLC ("ACP") is also wholly owned by the Parent. Other than direct broker dealer expenses and an expense sharing allocation between the Company and ACP, all payroll and overhead expenses are incurred by and paid by ACP. The Company's operations are headquartered in Centennial, Colorado. The Company will be economically dependent upon the financial support of its Parent should it fail to achieve profitable operations. The members of the Parent have committed to provide the Company with such financial support, personally or through another appropriate entity so long as the Parent, the Company and affiliates maintain the same relationship. The Company is a registered broker-dealer subject to the rules and regulations of the Securities and Exchange Commission and the Financial Industry Regulatory Authority, Inc. The Company provides investment banking and advisory services to clients primarily in the renewable energy, food and agribusiness industries. The Company does not hold customer funds or securities. #### *Revenues for contracts with customers* Revenues from contracts with customers are composed of investment banking fees. Such fees are recognized at the point in time when the Company's performance under the terms of the contractual atTangement is completed, which is over time and at the closing of the transaction. Reimbursed expenses related to these transactions are recorded as revenue and are included in investment banking fees. In certain instances, for advisory contracts, the Company will receive amounts in advance of the deals' closing. In these instances, revenue is recognized over time in which the performance obligations are simultaneously provided by the Company. At December 31, 2022 there were no advances to the Company. #### *Significant Judgements* Revenue from contracts with customers includes fees from investment banking. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgment is required to dete1mine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are not The accompanying notes are an integral part of this statement. {5}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022** #### *Co11ce11tratio11s* During the year ended December 31, 2022, two clients accounted for approximately 99% of the Company's total investment banking and advisory service revenue. As of December 31, 2022, there was one accounts receivable of \$12,500. ## *Estimates* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. # *NOTE2- NET CAPITAL REQUIREMENTS* Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. At December 31, 2022, the Company had a net capital of \$7,874 and net capital requirement of \$5,000, respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was 0.02. According to Rule 15c3-1, the Company's net capital ratio shall not exceed 15 to 1. # *NOTE3- COMMITMENTS AND RELATED PARTY TRANSACTIONS* Under an expense sharing agreement, the Parent, through ACP, provides substantially all of the general and administrative services to the Company. The Parent allocates expenses on a reasonable allocation basis directly based upon usage by the Company of the Parent's and ACP's property, personnel, rent and other services. These expenses are charged to the Company on a monthly basis and are recorded in the Company's financial statements. For the year ended December 31, 2022, the Company was charged a total of \$18,228 by the Parent under an expense sharing agreement between AFP and ACP and\$ 1,157,335 for management and other services. The amount is determined by the Company's management. The Company received \$10,800 from two registered representatives to cover expenses associated with carrying their licenses for the year ended December 31, 2022, which is included in other income. There were no commissions paid to the registered representative. The accompanying notes are an integral part of this statement. {6}------------------------------------------------ #### **NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022** #### *NOTE4- FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK AND CONTINGENCIES* The Company's financial instruments, including cash and cash equivalents and accounts receivable are carried at amounts that approximate fair value due to the short-term nature of those instruments. # *NOTES- COMMITMENTS AND CONTINGENCIES* The Company does not have any commitments or contingencies. # *NOTE6- SUBSEQUENT EVENTS* The Company has performed an evaluation of subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that required disclosure and/or adjustments. In January 2023 two new prutners joined Ascendant Pa1tners, Inc., the parent and 100% owner of Ascendant Financial Partners, LLC. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.